On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
The Central Bank of Ireland (the “Central Bank”) has published two documents which are significant steps towards enhancing the private equity and private credit product offerings currently available in Ireland. These...more
For many in the Funds Industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter”) relating to the Central Bank’s Thematic Review of Fund Management...more
10/28/2020
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Board of Directors ,
Central Bank of Ireland ,
Corporate Culture ,
Corporate Governance ,
Designated Agent ,
Diversity ,
Enforcement Actions ,
EU ,
European Securities and Markets Authority (ESMA) ,
Full-Time Employees ,
Fund Management Companies ,
Fund Managers ,
ICAV ,
Industry Letters ,
Investment Funds ,
Ireland ,
Oversight Duties ,
Risk Management ,
UCITS ,
UK Brexit
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
On 20 June, 2019, Ireland’s government released its proposed Investment Limited Partnerships (Amendment) Bill 2019 (the “Bill”) that will update the Investment Limited Partnership (“ILP”) structure....more
6/21/2019
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
Corporate Structures ,
ICAV ,
Investment Companies ,
Investment Funds ,
Investment Limited Partnership ,
Ireland ,
Limited Partnerships ,
Offerings ,
Partnerships ,
Proposed Amendments ,
QIAIF
The European watchdog has issued its much anticipated opinions on outsourcing/delegation of: (i) fund management companies; (ii) MiFID entities; and (iii) trading venues. This Newsflash focuses on the opinions as they relate...more
7/15/2017
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Delegation Authority ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
MiFID ,
Outsourcing ,
Relocation ,
Secondary Markets ,
UCITS ,
UK Brexit
Where are we on implementation? Are we nearly there yet?
Yes and no. The UCITS V directive comes into force on 18 March 2016. But:
Additional implementing rules (known as "Level 2") on the duties of UCITS...more
For more than 25 years, the essential text for anybody wishing to navigate the regulatory environment for UCITS in Ireland has been the UCITS Notices which were supplemented by UCITS Guidance and then the UCITS Q&A....more
The Central Bank of Ireland (“CBI”) issued an update to its Q&A documents on 15 July 2015 for both UCITS and AIFMD FAQ (“Q&A”) which clarifies how Irish funds can invest in Chinese shares via the Shanghai-Hong Kong Stock...more
There has been an increasing focus within Europe on alternatives to bank-based credit. Loan origination funds, which look to source loan assets for their investment portfolio by directly originating loans (rather than...more
4/16/2015
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Diversification ,
Borrowers ,
Central Bank of Ireland ,
Closed-End Funds ,
Disclosure Requirements ,
Due Diligence ,
ESRB ,
European Securities and Markets Authority (ESMA) ,
Institutional Investors ,
Lenders ,
Loans ,
Risk Mitigation ,
Stress Tests
Dechert commented on the Central Bank's Discussion Paper on Loan Origination by Investment Funds in our OnPoint “After AIFMD, the Central Bank turns its attention to loan origination funds” (July 2013)....more
The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more
The Central Bank of Ireland (the “Central Bank”) issued feedback on 28 March 2014 to its consultation in relation to whether investment structures, most notably exempt unit trusts (“EUTs”), should be considered to be...more
Having been one of the first countries to implement the Alternative Investment Fund Managers Directive (“AIFMD”) and, as far as we can gather, having been the first country to approve an Alternative Investment Fund Manager...more
The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s...more
The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more
3/30/2013
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Commodities ,
Derivatives ,
EFTs ,
EU ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Hedge Funds ,
Portfolio Managers ,
Stocks ,
UCITS